Senator Judd Gregg on TARP Fund Repayment

Gregg: Repayment Of Tarp Funds Show Program Worked; Money Will Now Pay Down Debt

June 10, 2009 --

Washington -- U.S. Senator Judd Gregg (R-NH) today commented on the announcement by the U.S. Department of Treasury that 10 banks would soon be repaying $68 billion in Troubled Asset Relief Program (TARP) funds, assistance that was allocated under the Emergency Economic Stabilization Act (EESA) of 2008 to help stabilize the troubled financial markets and banking system

Senator Gregg, one of the key negotiators EESA, stated, “The announcement by Treasury that certain banks will soon be repaying $68 billion in TARP funds is a positive sign that the program worked exactly as intended, and that recovery has been faster than expected.

“Now that these funds are being repaid so soon after their initial distribution, the TARP monies are being returned to the taxpayer and will reduce the federal debt as the drafters envisioned. I am pleased to see the law is being implemented as intended.

“Taxpayers should know that their government has accomplished what it set out to do in helping the financial system regain some of its footing lost last year, and further, that we are working to address and remedy the concerns over the rising federal debt. I was a strong proponent of the TARP program, and have monitored it carefully during its implementation. While I am pleased to see the first installment of it closing out as a success story, I plan to remain vigilant on the implementation of the balance of TARP funds.”

Source: Senator Judd Gregg